Rupee Strengthens against Dollar by 13 Paisa

Kafeel Ahmed Reporter

30th Dec, 2019. 10:22 am
Private Sector Borrowing Sees 88% Decline

Rupee strengthened against dollar  at 154.90 in inter bank market on the first day of business week.  Moreover, bullion witnessed in the stock market as business starts on Monday.

According to the details, The rupee strengthened against the dollar by 13 paisas.

It was closed at 155.03 on Friday, but traded at 154.90 today.

On the other hand, 230 points increased in KSE 100 index.

The index has surpassed 41000 points.

The PSX has been among top performing stock exchanges in the world, as from July to December 6 PSX given a 19.8 percent return, the highest in the last six years.

It is pertinent to mention that few days earlier, High Treason case verdict against former military ruler affected the stock market, shares market witnessed depreciation in stocks.

Stocks dropped drastically soon after High Treason case verdict that sentences death to former president General Retired Pervez Musharraf.

The 100 index fell 870 points, although trading at 41870 on start of the day.

KSE-100 index march past 13-month high to close at 41,644 points.

Earlier, The Asian Development Bank (ADB) also said Pakistan is moving towards economic stability.

It said the economy will perform better during the ongoing fiscal year 2019-20.

The ADB said  inflation in Pakistan for the first three months of fiscal year averaged 10.1 %.

The bank also highlighted that after a “steep growth slowdown” in Pakistan the previous fiscal year, “signs of economic stabilisation” seen in fiscal year 2020.

The bank, in the report, lowered its projection of growth in South Asia to 5.1 per cent in 2019 and 6.1 per cent in 2020.

Minister for Economic Affairs also had a meeting with DG Werner Liepach today in Islamabad discussed ADB’s portfolio, and enhanced support the public and private sector financing for key and emerging sectors.

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